DSAT

October 3, 2012   Trusts,   Estate Planning

How to Transfer More than $5 Million to an Irrevocable Spousal Access Trust

By James G. Blase, CPA, JD, LLM
Background   Many clients are scrambling to implement significant gifting plans and trusts prior to year-end, when the current $5 million lifetime gift tax exemption and $5 million generation-skipping transfer tax exemption are both scheduled to sunset, with the lifetime gift tax exemption potentially being reduced to its previous $1 million level. For many married couple clients, the goal is to double the amount of this current gift, to up to $10 million, again either outright or in trust.   Reciprocal Trusts   It is of course a simple matter for one spouse to establish a $5 million irrevocable spousal access trust (or “SAT,” for short) for his or her spouse, and for the other spouse to establish a $5 million trust or trusts for the benefit of the chil...
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